#稳定币市场 Looking at Dragonfly's latest insights, the positioning of ETH and SOL in the wave of asset tokenization is quite interesting. The data is here — ETH network asset size is $183.7 billion, SOL is $15.9 billion, and the gap is indeed significant. But this isn't just a simple competition; it’s more like functional differentiation.

ETH supports stablecoins and core economic activities, which is a reality — the majority of capital is concentrated here. SOL has natural advantages in high-frequency trading and transaction efficiency, which determines its traffic characteristics. Once asset tokenization truly takes off, RWA on-chain will require stable and efficient infrastructure — the roles of the two chains will become clearer — ETH will handle asset custody and value anchoring, while SOL will manage high-throughput at the transaction layer.

It’s worth paying attention to the liquidity of stablecoins. If asset tokenization accelerates, demand for stablecoins will rise sharply, directly reflected in the capital inflows into the two chains. The recent changes in stablecoin supply, especially the flow of USDC and USDT between different chains, will provide clearer signals — whether the market is really preparing for this wave.